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Subsequent to its announcement on 3rd April 2023, Greencoat UK Wind PLC is pleased to announce that it has completed the acquisition of Dalquhandy wind farm from BayWa r.e. with the purchase being funded from cash reserves.
Greencoat UK Wind PLC, the leading listed renewable infrastructure fund, invested in UK wind farms, advises that on Thursday 27 July 2023 it will announce its Net Asset Value as of 30 June 2023, the quarterly dividend and publish half-year results for the period to 30 June 2023.
A conference call for analysts and investors will be held at 9.00am on the day. To register for the event please notify Headland, either by email to ukwind@headlandconsultancy.com or by telephone on +44 (0)20 3805 4822.
idpickering wrote:Notice of Results, NAV and Interim Dividend.Greencoat UK Wind PLC, the leading listed renewable infrastructure fund, invested in UK wind farms, advises that on Thursday 27 July 2023 it will announce its Net Asset Value as of 30 June 2023, the quarterly dividend and publish half-year results for the period to 30 June 2023.
A conference call for analysts and investors will be held at 9.00am on the day. To register for the event please notify Headland, either by email to ukwind@headlandconsultancy.com or by telephone on +44 (0)20 3805 4822.
https://www.investegate.co.uk/announcem ... nd/7587633
Ian (I hold).
Greencoat UK Wind PLC (the "Company", or "UKW") is pleased to announce that, together with other funds managed by Schroders Greencoat LLP, it has agreed to acquire a 25% stake in London Array offshore wind farm from Orsted. The total consideration for the 25% stake (from UKW and other funds) is £717m.
London Array was commissioned in May 2013 and has a total capacity of 630MW, comprising 175 Siemens 3.6MW turbines (as at Rhyl Flats and Walney). Other owners are RWE (30%), CDPQ (25%) and Masdar (20%). The wind farm is operated by RWE and earns 2 ROCs per MWh.
On 29 June 2023, the Company utilised £640m of new term loan commitments from new and existing lenders and on 30 June 2023, prepaid £150m of term loans maturing in November and December 2023 together with £200m drawn under its Revolving Credit Facility ("RCF").
Group cash balances as at 30 June 2023 were £499m with zero drawn under the RCF.
The London Array investment is scheduled to complete on 31 July 2023 and UKW's total investment is expected to be £444m, comprising equity investment of £394m (13.7% net stake) and £50m loan investment.
The Company looks forward to presenting its half year results on 27 July 2023.
Lucinda Riches, Chairman of UKW, commented:
"We are delighted to invest in London Array. The transaction was originated and negotiated on a bilateral basis and reflects the Company's ability to continue to generate significant shareholder value through selective off-market investments."
idpickering wrote:Investment in London Array offshore wind farm.Greencoat UK Wind PLC (the "Company", or "UKW") is pleased to announce that, together with other funds managed by Schroders Greencoat LLP, it has agreed to acquire a 25% stake in London Array offshore wind farm from Orsted. The total consideration for the 25% stake (from UKW and other funds) is £717m.
London Array was commissioned in May 2013 and has a total capacity of 630MW, comprising 175 Siemens 3.6MW turbines (as at Rhyl Flats and Walney). Other owners are RWE (30%), CDPQ (25%) and Masdar (20%). The wind farm is operated by RWE and earns 2 ROCs per MWh.
On 29 June 2023, the Company utilised £640m of new term loan commitments from new and existing lenders and on 30 June 2023, prepaid £150m of term loans maturing in November and December 2023 together with £200m drawn under its Revolving Credit Facility ("RCF").
Group cash balances as at 30 June 2023 were £499m with zero drawn under the RCF.
The London Array investment is scheduled to complete on 31 July 2023 and UKW's total investment is expected to be £444m, comprising equity investment of £394m (13.7% net stake) and £50m loan investment.
The Company looks forward to presenting its half year results on 27 July 2023.
Lucinda Riches, Chairman of UKW, commented:
"We are delighted to invest in London Array. The transaction was originated and negotiated on a bilateral basis and reflects the Company's ability to continue to generate significant shareholder value through selective off-market investments."
https://www.investegate.co.uk/announcem ... rm/7649576
Ian (I hold).
Spet0789 wrote:idpickering wrote:Investment in London Array offshore wind farm.
https://www.investegate.co.uk/announcem ... rm/7649576
Ian (I hold).
Thanks Ian. Good news! I also hold.
idpickering wrote:Spet0789 wrote:
Thanks Ian. Good news! I also hold.
You're welcome, and thanks for your input. I've held UKW for 3 years now, and never intend selling them. The market seems to like this news too, what with the UKW SP being up 1.65% as I type. Where we live in Orkney wind turbines are very much the norm.
Ian.
Spet0789 wrote:idpickering wrote:
You're welcome, and thanks for your input. I've held UKW for 3 years now, and never intend selling them. The market seems to like this news too, what with the UKW SP being up 1.65% as I type. Where we live in Orkney wind turbines are very much the norm.
Ian.
Similar. I take the (perhaps simplistic) view that solar panels + a decent slug of UKW effectively covers my gas and electricity bills for life, whatever happens to the price of energy.
BullDog wrote:Spet0789 wrote:
Similar. I take the (perhaps simplistic) view that solar panels + a decent slug of UKW effectively covers my gas and electricity bills for life, whatever happens to the price of energy.
Me too. I have tried several times to justify buying my own PV array and battery storage. But compared to using the same amount of money to buy renewable energy stocks, the numbers just don't add up.
Spet0789 wrote:BullDog wrote:Me too. I have tried several times to justify buying my own PV array and battery storage. But compared to using the same amount of money to buy renewable energy stocks, the numbers just don't add up.
Maybe not financially, but of course by installing some solar one is making a contribution to the environment.
BullDog wrote:Spet0789 wrote:
Maybe not financially, but of course by installing some solar one is making a contribution to the environment.
So is NESF who run the PV arrays that I have shares in.
BullDog wrote:Spet0789 wrote:
Maybe not financially, but of course by installing some solar one is making a contribution to the environment.
So is NESF who run the PV arrays that I have shares in.
idpickering wrote:BullDog wrote:So is NESF who run the PV arrays that I have shares in.
We benefit from a wind turbine situated on the hillock at the back of our house. We don’t own it but get the first 10% of the energy it produces. We alone benefit from it power wise.
We’ve no solar panels though.
Ian.
Highlights
· The Group's investments generated 2,088GWh of renewable electricity.
· Net cash generation (Group and wind farm SPVs) was £204.0 million.
· Acquisition of Dalquhandy wind farm increased the portfolio to 46 operating wind farm investments and net generating capacity to 1,652MW as at 30 June 2023.
· Agreed to acquire a net 13.7 per cent stake in London Array offshore wind farm, with the transaction expected to complete on 31 July 2023.
· The Company declared total dividends of 4.38 pence per share with respect to the period.
· Aggregate Group Debt was £2,000 million as at 30 June 2023, equivalent to 34 per cent of GAV.
Commenting on today's results, Lucinda Riches, Chairman of Greencoat UK Wind, said:
"I am pleased to report another strong performance in the first half, extending our track record of attractive dividends and returns. Cash generation was strong and dividend cover for the period was 2.1x. Since IPO, the Company has increased its dividend in line with RPI every year with excess cash generation being reinvested to drive NAV growth above RPI, now delivering returns to investors of 10%.
"We continue to leverage our scale and financial strength to grow the portfolio with high quality investments including that of Dalquhandy in the period. Looking ahead to the remainder of the year, we already have a strong pipeline of additions to our portfolio through our investment in London Array and completing on our committed investments, South Kyle and Kype Muir Extension. These investments will add 355MW of net generating capacity increasing the portfolio to over 2GW.
"The outlook for the Group is extremely encouraging. We operate in a mature and growing asset class and with our market leading position and self funding business model, we are well placed to capitalise on NAV accretive investment opportunities and continue delivering superior returns to shareholders."
Net Asset Value
The Company announces that its unaudited Net Asset Value as at 30 June 2023 is £3,843.9 million (165.8 pence per share). The Company's June 2023 Factsheet is available on the Company's website, http://www.greencoat-ukwind.com.
Dividend Announcement
The Company also announces a quarterly dividend of 2.19 pence per share in respect of the period from 1 April 2023 to 30 June 2023.
Dod101 wrote:Despite my misgivings about Greencoat Wind, I am about to take the plunge with a modest investment with some new money. Altogether unusual for me. I do not like onshore wind farms. I see them as a blot on my landscape and I am not too keen on a single issue infrastructure investment. However it seems to me that the big discount to NAV and the good yield are really too good to miss. Furthermore, Schroders recently bought their manager and as a shareholder in Schroders I thought that they can be of mutual benefit.
Time will tell.
Dod
Increased clarity on underlying assumptions highlights UKW's resilient proposition…
The investment companies team at Kepler Trust Intelligence has produced a new piece of investment bank quality research about the trust, designed to provide a clear and comprehensive reference for long term investors. This note is free to read for UK investors.
nb; this is from the link in the RNS;
Overview
Greencoat UK Wind (LON:UKW) owns a diversified portfolio of 47 wind farms operating around the United Kingdom, illustrated in the Portfolio section. It is the largest trust of its type on the London Stock Exchange, with a market capitalisation of £3.4bn, and the shares give investors unhedged exposure to the revenues from the electricity that the wind farms generate, as well as to index-linked subsidies which run long into the future.
UKW’s attractions are not only in the high dividend yield that the shares offer, but also the link to UK inflation (as measured by RPI). During 2022, UK RPI increased by 13.4%, and the board has stated that the company’s revenues allow it to “confidently target a dividend of 8.76 pence per share with respect to 2023”, reflecting an increase in line with this inflation figure. UKW is the only renewable energy infrastructure trust with a long pedigree to continue to directly link dividend targets with inflation.
For the first time, the recent interim results show the managers’ expected dividend cover at different levels of wholesale power prices (see Dividend section). UKW’s fixed revenue base (linked to inflation) means that dividend cover is extremely robust, even in the face of lower power prices. This, in our view, will provide reassurance to investors on both the ability of the trust to continue to pay an attractive dividend, and that UKW will continue to have surplus cash to reinvest, providing good total NAV returns as well.
Subsequent to its announcement on 27th April 2020, Greencoat UK Wind PLC is pleased to announce that it has completed the acquisition of South Kyle wind farm from Vattenfall Wind Power Ltd.
An upcoming auction for seven UK offshore wind projects is set to flop, according to industry sources.
The results are due to be announced on Friday, but the number of bids will be close to zero, or none at all, the sources said.
Offshore wind developers have been saying the price set by the government for the electricity they will generate is too low to make projects viable.
The government said it was committed to increasing the use of renewable energy.
Energy firm SSE and Swedish firm Vattenfall have already ruled themselves out of the bidding, saying that the government had failed to allow for sharp rises in the cost of steel and labour when setting the electricity price.
Industry sources have told the BBC that if big, experienced and well-financed firms cannot make the sums work, it is unlikely that others will be able to.
Under its wind power auctions, the government sets an electricity price which bidders compete to come in at or below.
This arrangement is called a Contract for Difference (CFD). If electricity prices in the future rise above that level, the companies pay the excess back to the Treasury, if they fall below it the Treasury pays the company the difference.
The £44 per megawatt hour price floor set for this auction fails to take account of development costs, according to industry insiders. They have been warning for some time that steel prices and wage rises had pushed their costs up by between 20% and 40% since the last auction was held at a similar price target.
Electricity generators were also hit with a windfall tax on profits from older projects that pre-dated the Contract for Difference regime. SSE warned at the time that the tax would cause it to review future investment plans.
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